Definition of "UCC-1"
  1. A document used to publicly state a lender's right of claim over personal property, like equipment, used as collateral for a loan, as per the Uniform Commercial Code
How to use "UCC-1" in a sentence
  1. The business owner filed a UCC-1 form to notify of his machinery used to secure a loan.
  2. Upon granting the loan, the bank ensured a UCC-1 was filled to establish their claim over the borrower's inventory.
  3. As a security measure, the lender required a UCC-1 to be filed with respect to the financed equipment.

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